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Income Tax Act 2007
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- UK Public General Acts
- 2007 c. 3
- SCHEDULE 2
- Part 8
- Paragraph 70
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The proportion of eligible shares requirement
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70(1)If at any time the requirement of section 289—
(a)would be met in relation to a relevant holding and a company if none of the old investments were held by the investing company at that time, but
(b)would not otherwise be met,
that section applies in relation to that holding as if the old investments were not held by the investing company at that time.
(2)In sub-paragraph (1) “old investments” means shares in or securities of the relevant company acquired by means of the investment of—
(a)money raised by the issue before 2 July 1997 of shares in or securities of the investing company, or
(b)money derived from the investment by that company of any such money.
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